Chart USD/BRL Update: Balanced above current year lows
Anticipated losses have extended, with the break below 5.5000 giving way to consolidation above the 5.4000~ current year low of 4 July and historic congestion
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 5.6650 | ** | 38.2% ret of Apr-Jul fall | S1 | 5.4000~ | ** | 4 Jul YTD low | |
| R3 | 5.6500 | ** | congestion | S2 | 5.3780 | * | August 2024 low | |
| R2 | 5.6000 | ** | congestion | S3 | 5.3150 | ** | 61.8% ret of 2023-2024 rally | |
| R1 | 5.5000 | ** | congestion | S4 | 5.3000 | * | congestion |
Asterisk denotes strength of level
16:55 BST - Anticipated losses have extended, with the break below 5.5000 giving way to consolidation above the 5.4000~ current year low of 4 July and historic congestion. Daily studies are falling and broader weekly charts are coming under pressure, highlighting room for still further losses in the coming sessions. A close beneath here will add weight to sentiment and extend December 2024 losses below the 5.3780 low of August 2024 towards the 5.3150 Fibonacci retracement. Meanwhile, resistance is at congestion around 5.5000. A close above here, if seen, would help to stabilise price action and prompt consolidation beneath further congestion around 5.6000.